2025 was a strong year for Wärtsilä. We performed well and developed positively in many ways, and made solid progress towards our targets. Guided by our strategy, the Wärtsilä Way, order intake, sales, operating profit and cashflow reached all-time highs. We demonstrated resilience and adaptability against a backdrop of rapidly developing global uncertainty and geopolitical tensions.
We further increased our focus on our profitable core businesses by divesting several business units (Automation, Navigation and Control Systems (ANCS); Marine Electrical Systems and Gas Solutions) from our Portfolio Business. We also strengthened our ability to develop and deliver sustainable technologies and services in the face of growing demand, with investments to increase our capacity, and in strategic supply-chain partnerships. These developments, along with our focus on continuous improvement, mean that Wärtsilä is well-placed to capture the many opportunities offered by the decarbonisation transformation.
Order intake (MEUR)
Cash flow from operating activities (MEUR)
Total recordable injury frequency rate (TRIF)
Net sales (MEUR)
Service sales of total
Comparable operating result (MEUR)
We made good progress in 2025, with reaching all-time high operating result and cash flow. In 2025, order intake remained stable at EUR 8,102 million (8,072). Net sales increased by 7% to EUR 6,914 million (6,449), of which 52% was related to services. The operating result amounted to EUR 833 million (716) or 12.1% of net sales (11.1). The comparable operating result increased by 20% to EUR 829 million (694), which represents 12.0% of net sales (10.8).
The Board of Directors proposes that a base dividend of EUR 0.54 per share and an extraordinary dividend of EUR 0.52 per share, totalling EUR 1.06 per share be paid for the financial year 2025. The corporate total recordable injury frequency rate (TRIF) was 2.44 (2.20).
Wärtsilä Marine
Wärtsilä Marine is a global pioneer in power, propulsion, digital, and lifecycle solutions for the marine market. We develop industry-leading technologies, advancing maritime's transition to alternative fuels. We support building an end-to-end digital ecosystem where vessels and ports are connected. Wärtsilä Marine continues to drive the shipping industry forward, towards a decarbonised and sustainable future – through our broad portfolio, which includes engines, propulsion systems, hybrid technologies, exhaust treatment, shaft line solutions, digital innovations, and integrated powertrain systems. Our offering is underpinned by performance-based agreements, lifecycle solutions and upgrades, decarbonisation services, and an unrivalled global network of maritime expertise. This delivers the efficiency, reliability, safety, and environmental performance needed to support a safe and sustainable future for our customers, communities, and the planet.
Wärtsilä Energy
Wärtsilä Energy is at the forefront of the transition towards a 100% renewable energy future. The energy sector is undergoing a transformative shift as it works to decarbonise while continuing to deliver reliable and affordable energy to everyone – from homes to heavy industry. This transition presents tremendous opportunities for innovation and progress, and we are ready to lead the way. We help both our customers and the power sector accelerate their decarbonisation journeys with our market-leading technologies and power-system expertise. Our solutions include flexible engine power plants and services throughout the lifecycle of our installations. Our engines are future-proof and able to operate on sustainable fuels. Our track record comprises 79 GW of delivered power-plant capacity in 180 countries around the world, and over 30% of our operating installed base is under service agreements.
Wärtsilä Energy Storage
Driving grid innovation globally, Wärtsilä Energy Storage combines cutting-edge technology with deep expertise to deliver the reliability and efficiency for a decarbonised energy future. Our portfolio includes high-performance hardware, intelligent controls and optimisation software, and full-service lifecycle support to deliver lasting value across the project lifespan. From enhancing grid stability to enabling flexibility and operational efficiency, our utility-scale battery energy storage solutions are built for real-world performance. Trusted by top-tier utilities, developers, and system operators, Wärtsilä Energy Storage has a global footprint across 130+ sites – delivering the scale, safety, and reliability needed to power the energy transition.
Wärtsilä Portfolio Business
Wärtsilä Portfolio Business units are run independently to accelerate performance improvement and unlock value through divestments or other strategic alternatives. At the end of 2025, Portfolio Business included Gas Solutions and Water & Waste. In 2025, Wärtsilä divested its Automation, Navigation & Control Systems business to Solix Group AB and its Marine Electrical Systems business to VINCI Energies. Wärtsilä also agreed to divest its Gas Solutions business to Mutares SE & Co. KGaA, with the transaction expected to be completed in the second quarter of 2026.
Wärtsilä’s strategy is based on two key themes: Transform and Perform.
The decarbonisation transformation in both the marine and energy sectors is advancing. It is enabled by numerous new technologies and sustainable fuels. Wärtsilä is set to perform and is well-positioned to drive this transformation.
By transforming and performing, we are shaping the decarbonisation of marine and energy
Marine and Energy combined
Target
5% annual organic growth
14% operating margin
Development
In 2025, organic net sales growth was 15% and operating margin was 13.8%.
Energy Storage
Target
Low double-digit annual organic growth
3–5% operating margin
Development
In 2025, organic net sales growth was -11% and operating margin was 3.3%.
Group
Target
Gearing below 0.5
Distribute a dividend of at least 50% of earnings
Development
In 2025 gearing was -0.70. The Board of Directors proposes that a base dividend of EUR 0.54 and extraordinary dividend of EUR 0.52, totalling 1.06 per share be paid for the financial year 2025.
Set for 30 – decarbonisation targets by 2030
Wärtsilä is a purpose-driven organisation, with sustainability at the core of its purpose and strategy. Together, our company values, principles, and sustainability objectives, create the framework for a strong drive towards decarbonisation and responsible business practices.
Our sustainability efforts are driven by economic, environmental, and social performance. We aim to deliver a profitable growth as a company and, as a forerunner in advanced solutions, we enable sustainable societies while upholding high ethical, and health and safety standards. With our strong focus on decarbonising the marine and energy industries, innovations in technology and services play a central role in contributing to a low-carbon future. We set measurable targets, promote a strong safety culture, embrace diversity, and enhance responsible business practices.
Sustainability targets reflect our focus areas
Our sustainability targets are approved by our Board of Management and their implementation is monitored on a regular basis. Each target has a designated owner responsible for preparing action plans, overseeing their implementation, and reporting on progress. The management teams of the businesses and global functions oversee the execution of target actions.
